Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
SSO options intelligence
PROSHARES TRUST PSHS ULT S&P 500 options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
41
Market data through 3 Aug 2026
Checked 4 Aug 2026 13:35 · complete available chain
Call-side pressure
Bullish pressure
SSO currently carries bullish options pressure with a 41/100 conviction score. The nearest-chain expected move is 3.8%, with volume/open-interest participation at 0.08.
Expected move
3.8%
Near-term move context
Activity / OI
0.08
Current volume is quieter versus prior open interest
Put-call
0.67
Call-side skew
Trend fit
66
Options agree with trend context
Weekly backdrop
+2.0%
RS 4.8
Expected move
3.8%
Put-call volume
0.67
Volume / OI
0.08
Reference IV
0.29
Max pain
66.50
Underlying
66.99
Nearest expiry
7 Aug 2026
Contracts
846
Research Brief
SSO has a bullish chain read with 41/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 64.44–69.54; The largest call open-interest concentration is 69.00; the largest put concentration is 65.00. The most active strike by current volume is 69.00.
Priced range64.44–69.54
Call concentration69.00
Put concentration65.00
Max pain reference66.50
- Price holds or improves while call-side concentration remains elevated.
- The current chain read already agrees with the stored weekly trend context.
- Price weakens while call pressure fades or reverses toward puts.
Priced Move
Where the chain says movement becomes exceptional
Options imply 64.44 to 69.54. Max pain at 66.50 sits inside that range, 0.7% below spot.
Spot
Max pain
64.4466.99 ± 2.5569.54
Confirmation level
A close beyond 69.54 or below 64.44 at the 7 Aug expiry would exceed the move currently priced by this chain.
Important limitation
The range is a pricing reference, not a forecast; volatility can reprice sharply after news or as expiry approaches.
Score Construction
Why conviction is 41/100
Pressure is 26/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure26 × 42%
+11.0
How strongly activity leans toward calls or puts.
Participation42 × 22%
+9.2
Volume relative to existing open interest and contract-level activity.
Trend agreement66 × 26%
+17.3
How closely the chain read agrees with the underlying trend backdrop.
Volatility36 × 10%
+3.6
The intensity of implied volatility and the priced move.
Positioning by Strike
Where open interest and current activity concentrate
The largest call open-interest concentration is 69.00; the largest put concentration is 65.00. The most active strike by current volume is 69.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
58.00-13.4%
2
0
60.50-9.7%
3
20
61.00-8.9%
0
52
62.00-7.4%
0
51
63.00-6.0%
1
33
64.00-4.5%
0
30
64.50-3.7%
0
85
65.00-3.0%
27
12
65.50-2.2%
22
41
66.00-1.5%
25
13
66.50-0.7%
15
45
67.000.0%
58
27
67.500.8%
80
9
68.001.5%
39
11
68.502.3%
1
1
69.003.0%
93
0
75.0012.0%
65
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Gamma Profile by Strike
Positive gamma proxy
Call-side gamma sensitivity outweighs the put-side proxy across the retained chain. The largest bars mark levels where delta-hedging sensitivity may be most concentrated.
Net profile+$848,110Delta change / 1% move
Positive peak69.00+$156,785
Negative peak64.00-$105,184
Nearest balance65.52Interpolated sign change
StrikeNegativePositiveNet / 1% move
62.00-7.4%
-$2,613
62.50-6.7%
+$4,996
63.00-6.0%
+$13,691
63.50-5.2%
-$880
64.00-4.5%
-$105,184
64.50-3.7%
-$4,911
65.00-3.0%
+$10,442
65.50-2.2%
-$1,375
66.00-1.5%
+$26,259
66.50-0.7%
+$4,618
67.000.0%
+$73,459
67.500.8%
+$82,767
68.001.5%
+$155,208
68.502.3%
-$2,033
69.003.0%
+$156,785
69.503.7%
+$5,818
70.004.5%
+$129,203
70.505.2%
+$390
71.006.0%
+$46,367
71.506.7%
+$338
72.007.5%
+$13,284
Positive call-side proxy Negative put-side proxyHighlighted row is nearest spot strike
Scenario proxy = gamma × open interest × 100 shares × spot² × 1%. Calls are positive and puts negative by convention. Missing Greeks use a Black-Scholes estimate from stored IV with zero rate and dividend assumptions. Open interest does not reveal who is long or short, so this is not observed dealer positioning or a forecast.
Volatility Curve
Back-loaded volatility
Longer-dated options carry more implied volatility than the front expiry, so risk is priced farther out.
0.29
7 Aug
4d
0.23
14 Aug
11d
0.26
21 Aug
18d
0.31
28 Aug
25d
0.30
4 Sep
32d
0.33
11 Sep
39d
0.30
18 Sep
46d
0.31
18 Dec
137d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
55
57
58
60
61
61
62
63
64
65
66
67
67
68
69
70
71
72
73
73
75
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Across 1 stored directional transitions, the next stored price moved in the labelled direction 100% of the time.
Directional follow-through100%
Moves contained by pricing0%
Average expiry move2.0%
30 Jul
Bullish · 44
2.0% through expiry
1.8% priced · v2.0
Eligible snapshots must have a dated market session, stored signal, and point-in-time market reference. Each observation uses one read per market session and the first stored weekly close on or immediately after expiry; its original calculation version is retained. It is an evidence audit, not an executable strategy or evidence of future performance.
Evidence Quality
High
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 3 Aug 2026
- Calculation
- v2.0
- Contracts
- 846 / 846
- No material coverage gap was detected in the retained chain.
Aggregate chain data supports concentration, participation and pricing analysis. It does not identify trade aggressor, opening versus closing activity, multi-leg intent or dealer inventory.
Options Intent Radar
Short-dated OTM call concentration
Call activity is concentrated in upside and shorter-dated contracts; trade direction remains unconfirmed without aggressor data.
Options pressure and weekly price action are pointing in the same constructive direction.
Short-dated OTM call concentration matters because it connects the options headline to the actual evidence: $602,407 of estimated gross traded notional, calls · 0-7 days · itm, and a bullish flow confirms price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+26
1W price+2.0%
Call premium84%
Put premium16%
Notional split
C 84% / P 16%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.08
Volume divided by open interest across the visible chain.
Trend fit
66/100
Agreement between options pressure and Sharemaestro market context.
Aggregate chain data does not identify trade aggressor or opening versus closing activity; call/put concentration is not proof of market direction.
Calls · 0-7 days · ITM
calls cluster with 207 contracts traded, $205,060 estimated gross traded notional, and 34% of visible notional.
$205,060
Calls · 91+ days · ITM
calls cluster with 112 contracts traded, $149,030 estimated gross traded notional, and 25% of visible notional.
$149,030
Calls · 91+ days · OTM
calls cluster with 91 contracts traded, $35,220 estimated gross traded notional, and 6% of visible notional.
$35,220
Calls · 8-21 days · ATM
calls cluster with 129 contracts traded, $35,022 estimated gross traded notional, and 6% of visible notional.
$35,022
Calls · 8-21 days · OTM
calls cluster with 347 contracts traded, $29,354 estimated gross traded notional, and 5% of visible notional.
$29,354
Setup Classification
Opportunity and risk frame
Positioning agrees with the Sharemaestro trend backdrop.
Underlying price is close to the max-pain zone.
Call pressure is building while the stock sits above Sharemaestro fair value.
Activity Anomaly
Warming up
4 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 4 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close66.99
1W+2.0%
RS4.8
Fair value+46.4%
Options pressure26
Speculation42
Volatility36
Trend fit66
Today Versus Normal
Stored-options context
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 13:10
Bullish
Pressure 45
Move 2.9%
30 Jul 13:02
Mixed
Pressure -16
Move 3.0%
31 Jul 12:35
Bullish
Pressure 46
Move 1.8%
3 Aug 11:25
Bullish
Pressure 24
Move 2.8%
4 Aug 12:35
Bullish
Pressure 26
Move 3.8%
Strike Map
Where activity is clustering
Strike40.00
Calls · V 6 · OI 0
Puts · V 2 · OI 0
Strike45.00
Calls · V 6 · OI 0
Puts · V 10 · OI 0
Strike50.00
Calls · V 0 · OI 0
Puts · V 0 · OI 9
Strike55.00
Calls · V 0 · OI 1
Puts · V 0 · OI 4
Strike56.00
Calls · V 3 · OI 0
Puts · V 0 · OI 0
Strike57.00
Calls · V 3 · OI 4
Puts · V 0 · OI 0
Strike58.00
Calls · V 62 · OI 2
Puts · V 0 · OI 0
Strike59.00
Calls · V 2 · OI 2
Puts · V 0 · OI 8
Term Structure
Expiration activity
Expiry7 Aug 2026
Contracts76
Avg IV0.29
Put-call0.49
Expiry14 Aug 2026
Contracts76
Avg IV0.23
Put-call0.37
Expiry21 Aug 2026
Contracts84
Avg IV0.26
Put-call0.37
Expiry28 Aug 2026
Contracts72
Avg IV0.31
Put-call1.00
Expiry4 Sep 2026
Contracts70
Avg IV0.30
Put-call-
Skew
Call/put IV balance
7 Aug 2026Put IV premium
Call IV0.21
Put IV0.32
Skew0.11
14 Aug 2026Put IV premium
Call IV0.18
Put IV0.31
Skew0.13
21 Aug 2026Put IV premium
Call IV0.19
Put IV0.29
Skew0.10
28 Aug 2026Put IV premium
Call IV0.18
Put IV0.33
Skew0.15
4 Sep 2026Put IV premium
Call IV0.33
Put IV0.41
Skew0.08
Contract Tape
Most active contracts
ContractSSO260821C00070000
SideCall
Expiry21 Aug 2026
Strike70.00
Volume176
OI75
IV0.22
ContractSSO260918P00065000
SidePut
Expiry18 Sep 2026
Strike65.00
Volume110
OI123
IV0.33
ContractSSO260807C00069000
SideCall
Expiry7 Aug 2026
Strike69.00
Volume99
OI93
IV0.22
ContractSSO260814C00069500
SideCall
Expiry14 Aug 2026
Strike69.50
Volume87
OI1
IV0.18
ContractSSO260918P00068000
SidePut
Expiry18 Sep 2026
Strike68.00
Volume74
OI76
IV0.30
ContractSSO260807C00060500
SideCall
Expiry7 Aug 2026
Strike60.50
Volume69
OI3
IV0.01
ContractSSO260807C00058000
SideCall
Expiry7 Aug 2026
Strike58.00
Volume62
OI2
IV0.01
ContractSSO260821C00068000
SideCall
Expiry21 Aug 2026
Strike68.00
Volume57
OI419
IV0.32
Research Graph
Related research and context
Sharemaestro research
Related News
No recent ticker-specific news yet.
Market Watch
No recent market-watch posts yet.
Earnings
No upcoming matched earnings event.
Plain English Guide
Options context
What usually looks constructive
What usually looks cautious
Options can move quickly and can lose value fast. Treat this as research context, not a buy or sell instruction.